西式品类表现较好，外销贡献收入增速

Investment Rating - The investment rating for the company is "Add" (maintained rating) with a target price not specified [3]. Core Insights - The company achieved a revenue of 9.613 billion yuan in 2023, a decrease of 5.54% year-on-year, and a net profit attributable to shareholders of 389 million yuan, down 26.58% year-on-year [2][15]. - In Q4 2023, the company reported revenue of 2.832 billion yuan, a decline of 12.92% year-on-year, while the net profit attributable to shareholders was 26 million yuan, an increase of 2.52% year-on-year [2][15]. - The company’s sales, management, R&D, and financial expense ratios for 2023 were 14.84%, 3.96%, 4.05%, and -0.65%, respectively, with a notable decrease in sales expense ratio due to a significant reduction in channel, after-sales, and advertising expenses [6][11]. Financial Data Summary - The company’s gross margin for 2023 was 25.86%, down 3.22 percentage points year-on-year, and the net margin was 4.06%, down 1.07 percentage points year-on-year [33]. - The company’s revenue from major product categories in 2023 showed a decline of 10.18% for food processors, 0.24% for nutrition cookers, and an increase of 2.6% for Western-style appliances, with Western-style appliances performing well in the second half of the year [11][15]. - Domestic revenue decreased by 16.7% year-on-year, while foreign sales increased by 68.8% in 2023, indicating a significant contribution from exports to revenue growth [11][15]. - The company’s cash flow from operating activities for 2023 was 763 million yuan, an increase of 25.04% year-on-year, reflecting improved cash flow stability [17].